Tag: koreas

There was ‘frustration’ in Kim Jong Un’s message: Expert 4:50 AM ET Wed, 2 Jan 2019 | 03:00But to do so, Pyongyang needs help from its rich neighbors. The nuclear-armed nation is seeking more than $7.7 million in investment, the Seoul-based online newspaper NK News reported last month, citing information from a website run by North Korea’s foreign trade ministry. Xi’s Belt and Road project offers the perfect answer to those needs. Pyongyang “would love to be part of Belt and Road,” Dane Chamorro

But to do so, Pyongyang needs help from its rich neighbors. The nuclear-armed nation is seeking more than $7.7 million in investment, the Seoul-based online newspaper NK News reported last month, citing information from a website run by North Korea’s foreign trade ministry.

Xi’s Belt and Road project offers the perfect answer to those needs. China has historically been Pyongyang’s largest trading partner.

Pyongyang “would love to be part of Belt and Road,” Dane Chamorro, a senior partner in the Asia Pacific division of Control Risks, a consulting firm specializing in politics told CNBC on Friday. Kim’s government is waiting for an invitation so his country can get assistance on the construction of railway links and ports and other facilities, Chamorro said.

Beijing also seems keen on Pyongyang’s inclusion, with the Chinese government inviting a North Korean delegation to attend a Belt and Road summit in 2017 — but it’s unlikely to take any action for now.

Including Pyongyang in the BRI is “probably more trouble than it’s worth” at the present moment, said Mintaro Oba, a former U.S. State Department official who specialized in the Koreas during the administration of former President Barack Obama.

For one, sanctions still remain in place. Beijing, however, has called for those penalties to be eased.

North Korean leader Kim Jong Un said during a visit to China his country would try to make a second summit with U.S. President Donald Trump achieve a result that the international community would welcome, China’s Xinhua news agency reported on Thursday. The visit to China, Kim’s fourth in the past year, followed reports of advanced negotiations for a second summit between Washington and Pyongyang aimed at resolving the standoff over North Korea’s nuclear and missile programs. Kim and Trump pledg

North Korean leader Kim Jong Un said during a visit to China his country would try to make a second summit with U.S. President Donald Trump achieve a result that the international community would welcome, China’s Xinhua news agency reported on Thursday.

Kim also told Chinese President Xi Jinping he hoped relevant sides would take North Korea’s “reasonable concerns” seriously and respond to them to promote a comprehensive resolution on the Korean peninsula, China’s official news agency said.

The visit to China, Kim’s fourth in the past year, followed reports of advanced negotiations for a second summit between Washington and Pyongyang aimed at resolving the standoff over North Korea’s nuclear and missile programs.

Kim and Trump pledged to work towards denuclearization at their landmark summit in Singapore in June but the agreement was short on specifics.

Negotiations have made little headway since.

“The DPRK will continue sticking to the stance of denuclearization and resolving the Korean Peninsula issue through dialogue and consultation, and make efforts for the second summit between DPRK and U.S. leaders to achieve results that will be welcomed by the international community,” Xinhua quoted Kim as saying.

DPRK, or the Democratic People’s Republic of Korea, is North Korea’s official name.

The Chinese state news agency described the atmosphere in talks between Kim and Xi as “cordial and friendly” and said the two reached important consensus, agreeing to make joint efforts to promote development.

It said China supported the North’s adherence to “the direction of denuclearization” on the peninsula and the improvement of inter-Korean relations. Beijing also supported U.S.-North Korean summits and the use of dialogue to resolve concerns, it quoted Xi as saying.

“China hopes that the DPRK and the United States will meet each other halfway,” it said.

North Korean leader Kim Jong Un is visiting China at the invitation of Chinese President Xi Jinping, China’s official Xinhua news agency reported on Tuesday. Kim’s visit, his fourth summit with Xi, comes amid reports of advanced negotiations for a second summit between the North Korean leader and U.S. President Donald Trump.

North Korean leader Kim Jong Un has sent a “conciliatory message” to U.S. President Donald Trump amid stalled nuclear negotiations, South Korea’s Chosun Ilbo newspaper reported on Monday. Kim’s “letter-like” message to Trump was delivered on Friday through an unspecified channel, the newspaper reported, citing an unnamed diplomatic source. The report did not include details about the substance of the message but said they related to U.S-North Korea talks. Neither the U.S. State Department nor th

North Korean leader Kim Jong Un has sent a “conciliatory message” to U.S. President Donald Trump amid stalled nuclear negotiations, South Korea’s Chosun Ilbo newspaper reported on Monday.

Kim’s “letter-like” message to Trump was delivered on Friday through an unspecified channel, the newspaper reported, citing an unnamed diplomatic source. The report did not include details about the substance of the message but said they related to U.S-North Korea talks.

On Sunday, the office of South Korea’s President Moon Jae-in said Kim had sent a letter to his counterpart in Seoul saying he wants to hold more inter-Korean summits next year to achieve denuclearization of the peninsula.

Neither the U.S. State Department nor the U.S. Embassy in Seoul had an immediate comment about the report of Kim’s message to Trump when contacted by Reuters.

At a summit with Trump in Singapore in June, Kim vowed to work towards denuclearization.

However, both sides have struggled to make progress on this matter. They are also yet to reschedule a meeting between U.S. Secretary of State Mike Pompeo and senior North Korean official Kim Yong Chol after an abrupt cancellation in November.

Pyongyang’s state media has credited Trump for his “willingness” to continue dialogue but has also slammed the State Department for tightening sanctions.

The stalled negotiations had an impact on inter-Korean ties, including Kim’s unrealized plan to visit Seoul this year as agreed their summit in Pyongyang in September.

The Chosun Ilbo report also said Kim wrote in the letter to Moon that he would come to the South “in the near future” after giving a New Year address on Tuesday.

Kim’s New Year address provides a rare public appearance for the young leader and is closely watched by neighboring countries as it is seen setting the tone for his domestic and foreign policies.

According to Moon’s spokesman, Kim said in the letter to the South Korean president that he was sorry his previously planned trip to Seoul this year did not take place, expressing his “strong resolve” to make it happen while monitoring the situation.

South Korea’s desire to engage and unify with its reclusive northern neighbor appears to be clashing with Washington’s goal of eliminating nuclear weapons on the Korean Peninsula. As the two Koreas make steady progress toward reconciliation — a South Korean train on Friday traveled across the border into the North for the first time in a decade — there are mounting concerns that peace efforts may overshadow the denuclearization of North Korea. From joint railway projects to sporting exchanges, S

South Korea’s desire to engage and unify with its reclusive northern neighbor appears to be clashing with Washington’s goal of eliminating nuclear weapons on the Korean Peninsula.

As the two Koreas make steady progress toward reconciliation — a South Korean train on Friday traveled across the border into the North for the first time in a decade — there are mounting concerns that peace efforts may overshadow the denuclearization of North Korea.

“We have made clear to the Republic of Korea that we do want to make sure that peace on the peninsula and the denuclearization of North Korea aren’t lagging behind the increase in the amount of inter-relationship between the two Koreas,” U.S. Secretary of State Mike Pompeo said in November.

From joint railway projects to sporting exchanges, South Korean President Moon Jae-In’s government is looking to spend hundreds of millions on economic and cultural initiatives with Pyongyang to promote integration and reunification. So far, the two countries have agreed to reinstate a joint military commission, develop mechanisms for family reunions and even pursue a joint bid to co-host the 2032 Olympics.

In Washington, many are now comparing the rapid pace of warming inter-Korea relations with the slow progress of denuclearization.

South Korea’s central bank raised its policy interest rate on Friday for the first time in a year in a widely expected move aimed mainly at containing a boom in parts of the country’s property market. The Bank of Korea’s monetary policy committee increased the base rate, which applies to its seven-day repurchase agreement deals, by 25 basis points to 1.75 percent, a media official at the central bank said without elaborating. “Given the global uncertainties that we’ve had of late, I think the ce

South Korea’s central bank raised its policy interest rate on Friday for the first time in a year in a widely expected move aimed mainly at containing a boom in parts of the country’s property market.

The Bank of Korea’s monetary policy committee increased the base rate, which applies to its seven-day repurchase agreement deals, by 25 basis points to 1.75 percent, a media official at the central bank said without elaborating.

Governor Lee Ju-yeol is due to hold a news conference starting at 0220 GMT.

Analysts said heightened global markets turmoil over the past few months has made it difficult for the BOK to find the perfect timing to adjust policy.

“Given the global uncertainties that we’ve had of late, I think the central bank chose the best timing,” said Kong Dong-rak, strategist at Daishin Securities, adding that the central bank would likely keep the rate on hold throughout next year.

Market reaction to the widely expected move was modest as investors await further comments from the governor for guidance on future policy direction.

As of 0126 GMT, the Seoul stock market’s KOSPI was down 0.1 percent on the day while the front-month 3-year treasury bond futures were down 0.03 points.

The decision, tipped by 15 out of 16 economists in a Reuters survey, marked the first tightening in policy since November last year and brought the benchmark rate to its highest level since mid-2015.

Policymakers have been concerned about a property boom in the Seoul area and a surge in consumer finance, prompting various property restrictions.

Still, analysts expect the central bank to stand pat at least throughout next year with the domestic property market already cooling at a time when Asia’s fourth-largest economy is slowing and inflation remains low.

The United States has told its ally South Korea it should not improve ties with North Korea faster than Pyongyang takes steps to give up its nuclear weapons, U.S. Secretary of State Mike Pompeo said on Tuesday. Speaking as a working group with South Korea to coordinate North Korean policy held an inaugural meeting in Washington, Pompeo indicated that Washington had been concerned that Seoul had moved too quickly with Pyongyang. The working group is headed by South Korea’s special representative

The United States has told its ally South Korea it should not improve ties with North Korea faster than Pyongyang takes steps to give up its nuclear weapons, U.S. Secretary of State Mike Pompeo said on Tuesday.

Speaking as a working group with South Korea to coordinate North Korean policy held an inaugural meeting in Washington, Pompeo indicated that Washington had been concerned that Seoul had moved too quickly with Pyongyang.

“We have made clear to the Republic of Korea that we do want to make sure that peace on the peninsula and the denuclearization of North Korea aren’t lagging behind the increase in the amount of inter-relationship between the two Koreas,” he told a news briefing.

“We view them as tandem, as moving forward together,” Pompeo added. “We view them as important parallel processes, and that working group is designed to make sure they continue to remain that way.”

The working group is headed by South Korea’s special representative for Korean Peninsula peace and security affairs, Lee Do-hoon, and Stephen Biegun, the U.S. special representative for North Korea.

Pompeo said he believed there was “complete agreement” on how to proceed.

South Korea’s Yonhap news agency quoted a statement from Seoul’s Foreign Ministry as saying the two sides in the meeting agreed to continue close coordination and cooperation on an “increasingly systemic and regular basis.”

Last month, in a rare sign of discord between Seoul and Washington, South Korean Foreign Minister Kang Kyung-wha said Pompeo had expressed “discontent” at an inter-Korean military pact reached during a summit in September.

The Koreas also agreed in October to begin reconnecting rail and road links despite U.S. concerns that the rapid North-South thaw could undermine efforts to press Pyongyang to give up its nuclear weapons.

At an unprecedented summit in June, U.S. President Donald Trump and North Korean leader Kim Jong Un agreed to work toward denuclearization and peace on the Korean peninsula and establish new relations.

But negotiations have since made little headway, with Pyongyang upset by Washington’s insistence that international sanctions must remain until it gives up its nuclear weapons.

Last week, South Korean Unification Minister Cho Myoung-gyon said in Washington it was important to provide North Korea with motivation to denuclearize but that sanctions would stay in place “until we see actual progress on denuclearization.”

North Korean leader Kim Jong Un inspected the testing of a newly developed tactical weapon, calling it “another display of our rapidly-growing defense capabilities to the whole region,” North Korean state media said on Friday. It was the first mention by state media of a new development in North Korea’s weapons program in months. “We remain confident that the promises made by President Trump and Chairman Kim will be fulfilled,” the spokesman said in a statement. Kim said that the weapons system

North Korean leader Kim Jong Un inspected the testing of a newly developed tactical weapon, calling it “another display of our rapidly-growing defense capabilities to the whole region,” North Korean state media said on Friday.

It was the first mention by state media of a new development in North Korea’s weapons program in months.

“This result today is a justification of the party’s policy focused on defense science and technology, another display of our rapidly-growing defense capabilities to the whole region, and a groundbreaking change in strengthening our military’s combat capabilities,” Kim said.

KCNA said the test was successful.

In response, the United States said it remains confident that promises made by President Donald Trump and Kim at their Singapore summit will be fulfilled, according to a U.S. State Department spokesman on Thursday.

“We remain confident that the promises made by President Trump and Chairman Kim will be fulfilled,” the spokesman said in a statement.

Kim said that the weapons system tested was one that his father, Kim Jong Il, was especially interested during his lifetime and led the development of personally.

This is Kim’s first field visit to a testing site since his unprecedented summit with Trump in June, when the two leaders agreed to work toward denuclearization and peace on the Korean peninsula, and to establish new relations between the United States and North Korea.

The agreement was short on specifics, and negotiations have made little headway since, however.

A North Korean delegation is currently in South Korea visiting economic-related sites as part of inter-Korean reconciliation efforts.

Any testing of new weapons is likely to raise tensions with Washington, which has said there will be no easing in international sanctions until North Korea takes more concrete steps to abandon its nuclear weapons or long-range missiles.

The White House referred questions about the latest development to the State Department, which did not immediately respond to a request for comment.

Trump on Tuesday criticized what he called “inaccurate” media reports that North Korea had not declared an estimated 20 missile bases and added in a tweet: “I will be the first to let you know if things go bad!”

U.S. Secretary of State Mike Pompeo had been due to meet North Korea’s Kim Yong Chol, a senior aide to Kim Jong Un, in New York earlier this month, but it was postponed to a later date.

U.S. Vice President Mike Pence said on Thursday Trump plans to meet Kim Jong Un again in 2019 and will push for a concrete plan outlining Pyongyang’s moves to end its arms programs.

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. There continues to be doubts whether K

The rivals vowed to “actively participate” in international sports events hosted by each other and organize more friendly competitions between them.

“The plan is to organize friendly competitions marking meaningful anniversaries between the South and North, for example the first anniversaries of the (April) inter-Korean summit and the Pyeongchang Winter Olympics,” said South Korean Vice Sports Minister Roh Tae-kang, according to a pool report.

North Korean officials at the meeting were led by a counterpart, Won Kil U.

North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events.

It would be extremely difficult to host the Olympics in North Korea under heavy U.S.-led sanctions, which are unlikely to be removed until the North takes concrete steps to relinquish its nuclear arsenal.

There continues to be doubts whether Kim will ever give up his arsenal he may see as his strongest guarantee of survival. There’s also declining public support among South Koreans for hosting mega sports events due to worries over huge costs.